AUTHORED BY : ALISA CHETTIAR,HARSHADA GAWADE
With a large population, burgeoning a youthful demographic, Human Resources have been our Nation ’s most powerful assets for decades. From skillful workforces to entrepreneurs, mere
service providers to a more self-reliant nation, we have diversified our progress in every sector ranging from manufacturing to technology. Yet we find data on how the majority of the population remains unemployed, particularly the educated and skilled ones in Rural Areas, and the youth, vulnerable to the increasing economic plight in this highly competitive world, have been demanding for expansion of the markets, and the provision of new opportunities.
The union budget has notable implications for the youth:
Training and Development
12 month internship with a monthly stipend of 5000 Rs.targeting 1 crore young individuals over next 5 years. 10% of the training expenses to be covered by participating companies as part of CSR. Upgradation of 1000 Industrial training institutes and equip 20 lakh youths with a capable skillset
Boosting Employment
One Time wage assistance is to be implicated to novice employees through Direct Benefit Transfer Creation of employment opportunities for approx. 4.1 crore youth over
next 5 years, with an allocation of 2 lakh crores. The Budget seems to be catering to the demands of the youth and hopefully, with the right implementation, it could very well
provide a sustainable environment for developing the youth of India to become more capable.
IMPLICATIONS ON INCOME TAX REGIME
As can be observed from the comparisons of the current and previous tax slabs, there has not been a huge difference in the slabs, aside from those in the middle class, where slight changes have been made. The standard deduction has been increased from 50,000 to 75,000.
For the past five years, corporate taxes have been relaxed, resulting in higher income tax collection from individuals rather than corporations.
Comments